摘要 新船自訂造至下水之時間差，無法滿足短期激增之運輸需求，許多航運公司藉由 購買二手船增加船噸規模以期創造營收。由於二手船具有買賣程序冗長、船價波 動激烈與市場流動性較低等特性，造成購船時機難以準確掌握，凸顯二手船購船 決策關鍵影響因素之重要性。本文基於散裝航運公司立場，從市場、財務、船舶 與經紀人等層面構建分析架構，採用層級分析法(AHP)探討二手散裝船購船決策關 鍵影響因素及其影響程度。研究結果顯示，整體評估目的以「市場預測與價格」 最為重要。分群評估結果顯示，除風險愛好者最重視「船舶狀況與規格」，風險趨 避者最重視「財務管理之考量」外，不同船噸規模大小或船舶經營形態之分群皆 以「市場預測與價格」為首要考量。本文研究結果可以提供散裝航運公司作為二 手船購船決策行為之參考。

ABSTRACT It is hard to fulfill the short-term sharply rising demand of sea transport due to the time lag between the order and deliveries of the newbuilding vessels. Shipping corporations may increase their vessel tonnages by purchasing secondhand vessels to create revenues. In addition, the characteristics of secondhand vessels with time-consuming purchasing procedures, severe fluctuations of the price and the low market liquidity make shipping corporations difficult to get the right purchasing timing. Thus they highlight the importance of analyzing key factors of secondhand vessel purchases. The Analytic Hierarchy Process (AHP) was adopted to construct a hierarchical analyzing framework in terms of market, finance, vessels and brokers, and analyze the key influential factors of secondhand bulk vessel purchasing decisions from the perspectives of bulk shipping corporations. The outcomes demonstrated that “market forecast and price” plays the most crucial part in the decision-making of secondhand bulk vessel purchases. Aside from the group of risk averter and risk lover attached importance to “consideration for financial management” and “conditions and particulars of vessels” respectively, other groups of different ship tonnage scales or chartering operation types considered that “market forecast and price” is the most important factor when making the secondhand vessels purchase decision. The results can serve as a good strategic reference on secondhand vessel purchasing to dry bulk shipping corporations.